Fintel reports that on October 2, 2023, Evercore ISI Group upgraded their outlook for Rivian Automotive Inc – (NASDAQ:RIVN) from In-Line to Outperform.
Analyst Price Forecast Suggests 22.78% Upside
As of August 31, 2023, the average one-year price target for Rivian Automotive Inc – is 29.81. The forecasts range from a low of 15.15 to a high of $46.20. The average price target represents an increase of 22.78% from its latest reported closing price of 24.28.
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The projected annual revenue for Rivian Automotive Inc – is 5,692MM, an increase of 90.94%. The projected annual non-GAAP EPS is -5.82.
What is the Fund Sentiment?
There are 1016 funds or institutions reporting positions in Rivian Automotive Inc -. This is a decrease of 34 owner(s) or 3.24% in the last quarter. Average portfolio weight of all funds dedicated to RIVN is 0.28%, an increase of 25.01%. Total shares owned by institutions increased in the last three months by 4.03% to 653,454K shares. The put/call ratio of RIVN is 0.72, indicating a bullish outlook.
What are Other Shareholders Doing?
Amazon Com holds 158,364K shares representing 16.70% ownership of the company. No change in the last quarter.
Price T Rowe Associates holds 73,293K shares representing 7.73% ownership of the company. In it’s prior filing, the firm reported owning 76,776K shares, representing a decrease of 4.75%. The firm increased its portfolio allocation in RIVN by 115.76% over the last quarter.
PRGFX – T. Rowe Price Growth Stock Fund holds 27,440K shares representing 2.89% ownership of the company. In it’s prior filing, the firm reported owning 28,728K shares, representing a decrease of 4.69%. The firm decreased its portfolio allocation in RIVN by 2.08% over the last quarter.
VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 22,043K shares representing 2.32% ownership of the company. In it’s prior filing, the firm reported owning 21,225K shares, representing an increase of 3.71%. The firm increased its portfolio allocation in RIVN by 3.13% over the last quarter.
VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 16,193K shares representing 1.71% ownership of the company. In it’s prior filing, the firm reported owning 15,993K shares, representing an increase of 1.24%. The firm increased its portfolio allocation in RIVN by 4.61% over the last quarter.
Rivian Automotive Background Information
(This description is provided by the company.)
Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships.
This article originally appeared on Fintel
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